Silicon solid state battery pioneer Solid Power is backed by BMW and Ford and is at the forefront of developing cost effective solid state batteries for electric vehicles using silicon and a roll-to-roll manufacturing technique.
The deal values the Colorado-based company at $1.2 billion when combined with Decarbonization Plus Acquisition Corp III (DCRC) and releases $600 million for building the full manufacturing plant. The deal includes a $165 million backing from private investors including Koch Strategic Platforms, Riverstone Energy, Neuberger Berman funds and Van Eck Associates. This comes in addition to the recent $135 million Series B funding Round and $350m in cash at DCRC, which is owned by Riverstone.
The company will list on the US Nasdaq exchange by the end of the year.
It says its lithium-based solid state battery technology could provide a 500 mile vehicle range on a single charge, almost twice as much as the current lithium ion cells. Solid Power’s partners Ford and BMW expect to integrate the company’s batteries in future electric vehicles.
It uses a proprietary sulfide solid electrolyte that supports both high-content silicon and lithium metal in the anode paired with industry-standard and commercially mature cathodes, including lithium nickel manganese cobalt oxides (NMC). The platform can also use low cost and high specific energy conversion type cathodes that are not suitable in lithium-ion or other liquid-based cell architectures. Combined with a lithium metal anode, the conversion type cathodes could remove cobalt and nickel from the cathode entirely and could decrease cathode active materials costs by 90 percent.
Solid Power has produced all-solid-state cells up to 2Ah using industry standard lithium-ion equipment and processes and plans to start production of a 20 Ah high-content silicon anode cell by the end of 2021, with 100 Ah expected to follow in 2022.
“Today marks an important milestone of commercializing Solid Power’s next generation of all-solid-state batteries that can alleviate the two largest passenger EV pain